Mutual Investment Fund - Classification

After receiving money from subscribers, mutual funds invest in transferable securities, which make up the undivided assets of the fund, of which each depositor owns a certain number of shares (the share is part of the unitary assets of the investment fund and has a value that changes over time depending on the profitability of the securities in which the fund invests). Regardless of the type of fund, all participants have the same rights: profits or losses, since the fund does not guarantee a certain income (except for certain types of products), are proportional to the amount invested, or rather, proportional to the number of shares owned.

Mutual funds can be classified according to many parameters.

The first difference concerns the method of profit distribution:

income distribution funds in which any capital gain realized in a predetermined period of time can be credited - partially or completely - to the depositor's current account in the form of a semi-annual or annual coupon ;
income accumulation funds, in which the profit remains in the fund, and the subscriber sells it (i.e. converts it into cash) when selling shares.
Another distinction, defined by the Decree of the Ministry of Finance (DM 228/1999), should be made between closed-end and open-end funds:

closed funds : provide for the reimbursement (by the SGR, which established them) of the units for which the subscription was signed, only during certain periods. They are characterized by a predetermined and unchangeable number of fractions in time. In order to guarantee the possibility of liquidation of the investment, the law provides for the obligation of listing on the market for closed funds within the maximum time interval from the moment of closing the placement; this interval, originally 24 months, underwent subsequent regulatory changes, as a result of which it amounted to 12 months. Therefore, those who want to liquidate their investments can do so exclusively by selling shares on the market;
open-ended funds : they are characterized by the variability of assets (which, therefore, may increase or decrease from day to day in accordance with new subscriptions or requests for repurchase of shares in circulation) and represent the most common form of fund.
Open funds from a legal point of view are divided into:

EU funds harmonized in accordance with Italian law are managed by Italian companies with a registered office, for example:
they cannot invest more than 10% of their assets in financial instruments of one issuer, in other funds, derivative products or securities not listed on regulated markets;
they cannot invest in derivatives to hedge risks for a total amount exceeding the net value of the fund;
Harmonized funds of Italian legislation that are not part of the EU, established by the Bank's resolution of September 20, 1999 and characterized by greater freedom to invest the collected assets - in fact, the restrictions and restrictions provided for by EU legislation for funds do not apply to them. . This type includes speculative funds (or hedge funds) and funds of funds 1win Casino ofrece más de 9,000 juegos, así como las mejores mesas de concesionarios en vivo. El casino con licencia de Curazao tiene una sólida reputación en el negocio del casino en línea, y puede jugarlo usted mismo con el código de promoción del casino 1win. Puede disfrutar de tragamonedas, juegos de mesa y acción en vivo del casino. Los miembros de 1Win pueden elegir entre una amplia selección de proveedores de software, incluidos Netent, Pragmatic Play y Microgaming.